Summary: Trading margins higher; Omni Bridgeway’s reverses prior fall.
Trading margins of ASX-listed notes and bonds mostly rose this week. The trading margin of Omni Bridgeway Bonds (ASX code: OBLHA, +75bps) rose noticeably, reversing a 75bps fall from two weeks ago. Other movements over the week were quite modest except for some securities which are within one year of their respective maturities dates.
The current 3-month BBSW rate is just above zero. Add the trading margin from the above chart or from the tables to this figure for an estimate of the gross return per annum in the absence of BBSW rate changes. The gross return may contain imputation credits. BBSW typically is around 15bps (average since 1990) more than the RBA rate.
ASX-LISTED FLOATING RATE NOTES
| COMPANY | CODE | BOND TYPE | MATURITY | ISSUE MARGIN | TRADING MARGIN | Δ WEEK | WEEK CLOSE | RUNNING YIELD** |
|---|---|---|---|---|---|---|---|---|
| Australian Unity | AYUHB | Bond Series B | 15-Dec-20 | 2.80% | 3.59% | 4.84% | 100.10 | 2.82% |
| Crown | CWNHB | Sub. Note | 23-Jul-21 | 4.00% | 15.61% | 1.92% | 93.31 | 4.34% |
| Omni Bridgeway | OBLHA | Bond | 31-Jan-22 | 4.20% | 4.88% | 0.75% | 99.60 | 4.25% |
| Peet | PPCHB | Bond | 5-Oct-22 | 3.65% | 6.14% | 0.09% | 97.95 | 4.79% |
| Nat. Aust. Bank | NABPE | Sub. Note Tier 2 | 20-Jun-23 | 2.20% | 1.97% | -0.07% | 100.95 | 2.21% |
| Qube Holdings | QUBHA | Sub. Note | 5-Oct-23 | 3.90% | 2.23% | 0.03% | 104.94 | 3.75% |
| Australian Unity | AYUHC | Bond Series C | 15-Dec-24 | 2.00% | 2.65% | 0.08% | 97.75 | 2.07% |
| Australian Unity | AYUHD | Bond Series D | 15-Dec-26 | 2.15% | 3.06% | 0.11% | 95.46 | 2.28% |
** Clean running yield.